Which of the following is not true concerning the FASB and the IASB conceptual frameworks?
A)Both the FASB and the IASB rely on a conceptual framework to guide their standard-setting decisions.
B)The conceptual framework is not a rigorous set of principles from which standard setters can logically deduce appropriate financial reporting standards.
C)The purpose of a conceptual framework is to guide standard-setting decisions in order to enhance the quality and consistency of those decisions.
D)The FASB and the IASB have separately developed their conceptual frameworks, and those frameworks are similar.
E)The two standard-setting bodies are refusing to develop a common conceptual framework for financial reporting.

Question

Quizplus · Accepted Answer

The statement that the two standard-setting bodies are refusing to develop a common conceptual framework for financial reporting is not true. In fact, the FASB and IASB have been working to converge their conceptual frameworks to enhance consistency in financial reporting across the globe.

Which of the Following Is Not True Concerning the FASB